Hotels and banks tend to be the most popular business partners. But when it comes to reconciling their accounts, the number of errors rises considerably because agreements between hotels and their financial institutions are often insufficiently clear. This is why we have come up with nine tips on how you can reconcile your accounts more efficiently: 1) Keep control over…
Bookkeeping is the back bone of financial management for hotel business. It enables managers and owners to take informed decisions and successfully plan for better future. From a mere number crunching process, it has become much more than that now: It’s an exercise in interpretation and decision making that uses powerful tools like variance analysis and budgeting which enhances cash…
5 ways hotel accounting software can benefit your business. Hotel accounting software is a type of computerized system designed to assist hotels in their daily business’s financial and operational matters. While this may mean checking an incoming daily sales or running reports, the most beneficial use of hotel accounting software is as a tool for automating accounts management and perform…
Hotels have accounting needs just as other business do. They have accounting for budgeting, accounting for income and expenditure, accounting for assets and liabilities – all of which is crucial to running a hotel successfully. In this article we’ll be focusing on accounting automation for hotels, specifically addressing the accounting software that can help your hotel manage its accounts more…
Cash flow is one of the most important aspects of accounting and it’s essential to have a good understanding of it in order to make sound decisions for your business. By using hotel accounting software, you can improve your cash flow by automating many of the tasks that need to be done on a daily basis. This not only saves…
A hotel can be a profitable business, but only if the hotelier has knowledge of hotel accounting. That way, they will have control over their hotel’s finances and be able to make it more profitable. By using hotel accounting software or hotel bookkeeping software, hoteliers will benefit from some great benefits that come along with these programs. 1) Record Revenue…
Hotel accounting is not an easy task to accomplish, especially if you are new to the industry. There are many hotel accounting challenges that must be addressed throughout this process. However, with the right knowledge and tools, it can be done efficiently and effectively. One thing every hotel accounting department should learn how to do is report daily revenue through…
Hotel accounting can be a difficult, time-consuming job that requires a lot of attention to detail. It’s not always easy for hotel owners and managers to get the accounting right when they have so many other things on their to-do list. But it is important to get your hotel accounting done correctly, because if you don’t know where your business…
All business leaders get engaged into budgeting and forecasting-and if you’re a hotelier or hotel operations professional, improving your budgeting and forecasting process should be a top priority. As it helps you in formulating proactive strategies, plan future better while aligning with your focused goals across the hotel. Hotelier Books is a top-notch hotel budgeting software that lets you plan…
If you’re a hotelier, who is aspiring to grow your business and reduce financial risk while scalping up, do you know what you need the most? A financial dashboard ‘YES’, that’s how you’ll make better business decisions by acting faster on the high performing and non performing properties. Let’s get into the detail. Financial dashboard is the one which allows…